Spain's renewable energy installed capacity target doubled to 14GW

    Spanish electricity and natural gas utility Naturgy Energy will allocate approximately 60% of its 14 billion euros (16.6 billion U.S. dollars) expenditure plan for 2021-2025 to increase Solar Power Supply For Home  energy production capacity.

    The average investment in Spain and the world will reach approximately 1.73 billion euros per year, for a total of approximately 8.7 billion euros. In the presentation of its strategic plan for 2021-2025, Naturgy stated that the goal is to increase EBITDA from renewable energy to 1 billion euros by 2025.

    Naturgy's goal is to triple its installed renewable energy capacity from the current 4.6 GW to 14 GW in the middle of the next decade. The company said it plans to add 5.2 GW in Europe and 2.2 GW in Australia, and incorporate some of its production capacity in countries such as the United States and Chile.

    The group's financial target is 2025 EBITDA of 4.8 billion euros and a net profit of 1.6 billion euros.

    The strategic plan also expects to invest more than 4 billion euros in power grids in Spain and Latin America, specifically for upgrading grid capacity to meet decarbonization needs.

    According to the utility company, the remaining part of the proposed investment, more than 700 million euros, will be used for retail operations.